Earned Wage News Today

NEW YORK -- When Anna Branch, 37, had her hours at work reduced in 2019, she suddenly noticed ads for an app called EarnIn.

Experts say there are steep costs

While Earned Wage Access apps have been around for over a decade, the pandemic and its aftermath boosted their popularity.

NEW YORK — When Anna Branch, 37, had her hours at work reduced in 2019, she suddenly noticed ads for an app called EarnIn. “You know how they get you — the algorithms — like they’re reading your mind,” Branch said. “The ad said I could get up to $100

These apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs.

More people are using so-called Earned Wage Access apps to get money to pay bills and buy groceries in between paydays. The typical user earns less than $50,000 a year,

EarnIn is one of more than a dozen companies that provide this service, billed as Earned Wage Access. The apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages.

When Anna Branch, 37, had her hours at work reduced at the start of the pandemic in 2020, she suddenly noticed ads for an app called EarnIn.

More people are using Earned Wage Access apps to get money to pay bills in between paydays. Some consumer advocates say the fees make the apps comparable to payday loans.

More people are using so-called Earned Wage Access apps to get money to pay bills and buy groceries in between paydays. The typical user earns less than $50,000 a year,